Cryptocurrencies Market Update ➡️ Solid ECN

[SOLID ECN LLC]

Cryptocurrencies Market update by Solid ECN Securities​

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ETHUSD, growth within the overall market trend
This week, the ETHUSD pair resumed growth as part of the general market trend.

The token managed to win back all the losses of the last week, and currently, the price is testing the level of 2930. Investors are again starting to show interest in risky assets after the destabilization of the market situation caused by the start of a military confrontation in Ukraine. Some experts believe that the sanctions imposed by the EU and the US against the Russian banking system, in particular, disconnection from the SWIFT payment system, can play a positive role for the cryptocurrency sector. There is a possibility that financial structures will use crypto assets to bypass the imposed restrictions, and the state may launch a digital ruble, which will strengthen the position of the entire sector.

Support and resistance
Technically, the price rose above the middle line of Bollinger bands, which allows it to develop an upward momentum after the consolidation above 2930. In this case, quotes can rise to 3125 and 3300. The key "bearish" level is $2500. Its breakdown allows a decline to 2187.

Technical indicators do not give a single signal.
Bollinger bands are directed downwards, Stochastic reverses downwards near the overbought zone, but the MACD histogram decreases in the negative zone. In general, in the current conditions, the resumption of the decline in quotations looks preferable.

Resistance levels: 2930, 3125, 3300
Support levels: 2500, 2187.5, 1875.​

 

[sebking1986]

Still something about this recent boost when USD is still gaining strength that makes me think this is a bull trap.

 

[SOLID ECN LLC]

The ADAUSD pair is moving within a long-term downtrend.
This week, the quotes of the crypto assets undertook a corrective growth to the resistance area of 0.9765, but they failed to break through it and rushed with the targets at 0.7812 and 0.5860.

The key “bulls” level is 1.0742, supported by the upper line of Bollinger bands, which breakout allows growth to 1.2695, and 1.3672 but so far this variant of price movement seems less likely since technical indicators signal a continuation of the downward trend:

Bollinger bands are directed downwards, Stochastic reverses downwards from the overbought zone, and the MACD histogram is decreasing in the negative zone.

Support and resistance
Resistance levels: 1.0742, 1.2695, 1.3672.
Support levels: 0.7812, 0.5860.​

 

[SOLID ECN LLC]

BTCUSD, investors fear increased pressure on the crypto sector​

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Last week, BTCUSD had mixed trading dynamics.
At first, the quotes of the first cryptocurrency rose to 45300, but then they lost their positions and have now fallen below 38000.

Experts believe that the enthusiasm of investors was caused by the expectation of a possible influx of Russian investments into the cryptocurrency market, since the government and individuals who fell into the sanctions lists against the backdrop of a special military operation in Ukraine need to save capital and circumvent financial restrictions initiated by Western authorities.

However, later these hopes were replaced by fears of tightening control measures over the digital assets sector, as representatives of the US and the EU announced the need to monitor the situation and exclude the possibility of circumventing the current bans for Russian authorities and businesses. It is also worth noting that many trading platforms have begun to block the accounts of clients from Russia; however, not all, but only those included in the lists.

Contrary to analysts’ expectations, the Central Bank of the Russian Federation refused to soften its position on digital assets. Officials are still confident that the circulation and mining of cryptocurrencies in the country should be banned, which means that the digital market is not considered as the main tool for circumventing economic restrictions.

Resistance levels: 39900, 42000, 43750.
Support levels: 37500, 35000, 34375, 32900.​

 

[SOLID ECN LLC]

XRPUSD, technical analysis

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XRPUSD continues to trade within a long-term downward channel, but recently the price of the token has been consolidating around 0.7500 (center line of Bollinger Bands, Fibonacci retracement 61.8%).

The key point for the "bears" is still 0.6836 (Murray [2/8], the lower line of Bollinger Bands), the breakdown of which will allow quotes to fall to the levels of 0.5859 (Murray [0/8]) and 0.5371 (Murray [-1/8]). If the central level of Murray's trading range is broken out, the price will rise to the levels of 0.8789 (Murray [6/8]), 0.9100 (50.0% Fibonacci retracement).

Technical indicators don't provide a clear signal: Bollinger Bands are directed downwards, confirming the continuation of the downtrend, MACD is near the zero line, its volumes are insignificant; however, Stochastic is reversing upwards, which does not exclude the continuation of corrective growth.

Support and resistance
Resistance levels: 0.7812, 0.8789, 0.9100.
Support levels: 0.6836, 0.5859, 0.5371.​

 

[SOLID ECN LLC]

ADAUSD, trading within the descending channel​

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ADAUSD continues to trade within the long-term downward channel; however, the quotes are spending the current week in the range of 0.8789 - 0.7812.

The day before, the price of the token rose to the upper limit of the range against the backdrop of the signing by the US President Joe Biden of a decree on coordinating efforts to regulate the crypto-currency sector by federal agencies. The document also calls for measures to protect American consumers, investors and businesses, and instructs the US government to explore the possibility of launching a state digital currency. This decree should be an important step towards the preparation of clear rules for regulating the digital industry in national legislation.

Today, the decline of ADAUSD resumed. Consolidation of the price below 0.7812, will allow the quotes to continue falling to 0.6835, 0.5859. A breakout of 0.8789 may cause growth to 0.9765 , 1.0742.

The downtrend in the pair continues, which is signaled by a downward reversal of Bollinger Bands; however, an upward reversal of Stochastic does not exclude the resumption of corrective growth.

Support and resistance
Resistance levels: 0.8789, 0.9765, 1.0742.
Support levels: 0.7812, 0.6836, 0.5859.​

 

[SOLID ECN LLC]

BTCUSD, the market is in a state of uncertainty​

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Last week, the BTC/USD pair showed ambiguous dynamics: quotes rose to the 42600.00 area but have now fallen to the area of 37500.00.

Two opposing trends persist in the market:
Hopes for an influx of investment in the crypto sector against the backdrop of financial restrictions imposed on the Russian economy and fears that the fight against sanctions circumvention will cause tightening of regulation of the digital currency sphere the US and EU authorities.

So far, probably, the second trend prevails. Experts point out that the interest of Russian investors in crypto assets is growing: the number of users on exchanges has increased by 2–3 times in March. Russians seek to preserve capital at a time of rising inflation and global uncertainty. Meanwhile, EU and US authorities are trying to prevent current sanctions from being circumvented by tightening controls on digital assets and classifying digital assets as securities.

Today, the European Parliament will adopt a bill containing restrictions on cryptocurrencies based on the Proof-of-Work (PoW) algorithm. It is assumed that the trading of tokens in the EU will continue if they meet certain economic standards. However, the descriptions of the standards themselves are not yet available.

Meanwhile, US authorities want to require cryptocurrency exchanges to provide personal information of customers who make transfers to private e-wallets to hinder the work of Russian users or block their accounts. So far, most of the largest companies in the digital sector have refused to restrict the access of Russians to the market, excluding those whose names are directly on the sanctions lists. However, further pressure on the cryptocurrency market may continue soon.

Resistance levels: 39900, 42200, 43750.
Support levels: 37500, 36000, 34375.​

 

[SOLID ECN LLC]

ETHUSD, the possibility of a decline in the token remains​

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The market is under pressure due to the possible tightening of regulation by the authorities of the world's leading economies. As one of the creators of Ethereum, Joseph Lubin, noted, in the current geopolitical crisis, blockchain technology has become a weapon, and each of the parties is striving to learn how to use it in their interests. Indeed, on the one hand, the adoption of cryptocurrencies can accelerate, as it will become a matter of national security. On the other hand, the freedom of users and the activities of digital platforms can be seriously limited. Under pressure from the authorities, crypto exchanges have already begun to block the accounts of Russian citizens, even those not included in the sanctions lists. In response, there was a statement about the possibility of creating their cryptocurrency platforms in Russia.

As for Ethereum itself, it is worth noting that the developers have launched the new Kiln test network, which is the last step before the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The test network will fully simulate this transition. The developers have recommended that all application creators conduct a full cycle of testing and deploying them on the Kiln network to avoid failures in the future. However, the approach of a full-fledged launch cannot yet support the price of ETH.

Resistance levels: 2680, 2930, 3125.
Support levels: 2500, 2350, 2187.​

 

[SOLID ECN LLC]

The XRPUSD pair is moving within a wide downward channel.​

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This week, the price of the token moves within the range of 0.7812 - 0.7324, and is currently testing its upper limit. The consolidation above it allows growth to 0.83 and 0.8790. The breakdown of 0.7324 will allow the asset to fall to 0.6836, 0.6348, and 0.586.

Resistance levels: 0.7812, 0.83, 0.879.
Support levels: 0.7324, 0.6836, 0.6348, 0.5859.​

 

[SOLID ECN LLC]

BTCUSD, the decline of "digital gold" may continue​

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The market remains uncertain: on the one hand, there is an increasing acceptance of digital assets among the population, which contributes to new investments. On the other hand, sector participants fear tightening control from the authorities. Leading representatives of the cryptocurrency community hope that in the long term, due to the widespread increase in inflation, cryptocurrency will become a reliable alternative to fiat money, but so far, the market cannot reverse the current downward trend.

Last week, Ethereum co-founder Joseph Lubin said that the current geopolitical tensions would lead to digital money and government agencies, as blockchain technology has become a kind of weapon, where each side seeks to learn how to use it to their advantage. Arthur Hayes, the co-founder of the BitMEX exchange, noted that due to the sanctions wars, digital assets would also gain popularity among ordinary citizens since, unlike the US dollar, they have a limited supply and are less subject to inflation. Finally, Galaxy Digital CEO Mike Novogratz emphasized that cryptocurrencies are insurance against the authorities' actions pursuing an inefficient monetary policy. For example, the crypto investor cited the United States and Turkey, whose authorities cannot cope with inflation and force citizens to go to BTC as a more reliable asset.

Resistance levels: 42200, 43750, 45300.
Support levels: 40625, 37500, 35900.​